Protecting trade secrets is vital to a company’s success

May192016
Peterson Watts Law Group, LLP

In today’s world, there is a vast amount of competition, regardless of the industry that a company in Sacramento happens to be in. As such, it is important for companies of all sizes to take the proper measures to protect their trade secrets and there are several things they can do.

One way companies can prevent theft is to make sure that employees are not using their own devices, according to Inc. magazine. It is almost impossible for companies to maintain control over their private information if it is being stored on employees’ personal phones, laptops and tablets. If the employee quits, that information could be used by the new employer or the former employee if he or she is starting a business.

If employees are using a mobile device for business trips, the information relating to the company should be limited to prevent hackers or thieves from accessing it. For example, banking information or other financial data could be obtained through a fake Wi-Fi service that an employee unwittingly logs into. Instead, it should be determined what documents will be needed for the trip and then make sure that only they are on the device.

The U.S. Small Business Administration states that some trade secrets are lost because employees don’t understand what information is confidential. Therefore, companies should schedule meetings or plan to send out reminders periodically about what information is okay to share and what information should remain confidential. Additionally, having a nondisclosure agreement provides the employee with a clear understanding of what is considered company property.

The final thing that companies should do is go through all of their information, assets, services and products, and decide what should be termed as a trade secret. This could include recipes for skincare products, customer lists, or even the use of certain equipment or technology.